Question

Waterways Corporation is a private corporation formed for the purpose of providing the products and the services needed to irrigate farms, parks, commercial projects, and private lawns. It has a centrally located factory in a U.S. city that manufactures the products it markets to retail outlets across the nation. It also maintains a division that performs installation and warranty servicing in six metropolitan areas. The mission of Waterways is to manufacture quality parts that can be used for effective irrigation projects that also conserve water. By that effort, the company hopes to satisfy its customers, perform rapid and responsible service, and serve the community and the employees who represent them in each community. The company has been growing rapidly, so management is considering new ideas to help the company continue its growth and maintain the high quality of its products. Waterways was founded by Will Winkman who is the company president and chief executive officer (CEO). Working with him from the company’s inception is Will’s brother, Ben, whose sprinkler designs and ideas about the installation of proper systems have been a major basis of the company’s success. Ben is the vice president who oversees all aspects of design and production in the company. The factory itself is managed by Todd Senter who hires his line managers to supervise the factory employees. The factory makes all of the parts for the irrigation systems. The purchasing department is managed by Helen Hines. The installation and training division is overseen by vice president Henry Writer, who supervises the managers of the six local installation operations. Each of these local managers hires his or her own local service people. These service employees are trained by the home office under Henry Writer’s direction because of the uniqueness of the company’s products. There is a small human resources department under the direction of Sally Fenton, a vice president who handles the employee paperwork, though hiring is actually performed by the separate departments. Teresa Totter is the vice president who heads the sales and marketing area; she oversees 10 well-trained salespeople. The accounting and finance division of the company is headed by Ann Headman, who is the chief financial officer (CFO) and a company vice president; she is a member of the Institute of Management Accountants and holds a certificate in management accounting. She has a small staff of accountants, including a controller and a treasurer, and a staff of accounting input operators who maintain the financial records. A partial list of Waterways’ accounts and their balances for the month of November follows.

Need balance sheet, income statement, and Cost of Goods Manufactured Schedule

Accounts Receivable		$277,700
Advertising Expenses		53,800
Cash		259,300
Depreciation—Factory Equipment		16,800
Depreciation—Office Equipment		2,400
Direct Labor		42,200
Factory Supplies Used		16,600
Factory Utilities		10,300
Finished Goods Inventory, November 30		68,900
Finished Goods Inventory, October 31		72,500
Indirect Labor		48,000
Office Supplies Expense		1,700
Other Administrative Expenses		72,000
Prepaid Expenses		41,300
Raw Materials Inventory, November 30		53,100
Raw Materials Inventory, October 31		38,200
Raw Materials Purchases		184,300
Rent—Factory Equipment		47,200
Repairs—Factory Equipment		4,400
Salaries		327,300
Sales Revenue		1,346,500
Sales Commissions		40,500
Work In Process Inventory October 31		53,000
Work In Process Inventory, November 30		41,80

Accounts Receivable		$277,700
Advertising Expenses		53,800
Cash		259,300
Depreciation—Factory Equipment		16,800
Depreciation—Office Equipment		2,400
Direct Labor		42,200
Factory Supplies Used		16,600
Factory Utilities		10,300
Finished Goods Inventory, November 30		68,900
Finished Goods Inventory, October 31		72,500
Indirect Labor		48,000
Office Supplies Expense		1,700
Other Administrative Expenses		72,000
Prepaid Expenses		41,300
Raw Materials Inventory, November 30		53,100
Raw Materials Inventory, October 31		38,200
Raw Materials Purchases		184,300
Rent—Factory Equipment		47,200
Repairs—Factory Equipment		4,400
Salaries		327,300
Sales Revenue		1,346,500
Sales Commissions		40,500
Work In Process Inventory October 31		53,000
Work In Process Inventory, November 30		41,800

Answer 1

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Waterways Corporation
Cost of goods manufactured	Amount $	Amount $	Amount $
Beginning Work in process inventory			53,000.00
Direct materials used
Beginning Raw material inventory	38,200.00
Raw material Purchases	184,300.00
Total Raw material available for use	222,500.00
Less: Ending Raw material inventory	53,100.00
Direct materials used		169,400.00
Direct Labor		42,200.00
Manufacturing Overhead
Depreciation—Factory Equipment	16,800.00
Factory Supplies Used	16,600.00
Factory Utilities	10,300.00
Indirect Labor	48,000.00
Rent—Factory Equipment	47,200.00
Repairs—Factory Equipment	4,400.00
Total Manufacturing Overhead		143,300.00
Total Manufacturing costs			354,900.00
Total cost of work in process			407,900.00
Less: Ending Work in process inventory			41,800.00
Cost of goods manufactured			366,100.00

Cost of goods sold	Amount $
Cost of goods manufactured	366,100.00
Beginning Finished goods inventory	72,500.00
Cost of goods available for sale	438,600.00
Less: Finished goods inventory, ending	68,900.00
Cost of goods sold	369,700.00

Income Statement	Amount $	Amount $
Sales Revenues
Sales Revenues	1,346,500.00
Less: Sales Commissions	40,500.00
Net Revenue		1,306,000.00
Less: Cost of goods sold		369,700.00
Gross Profit		936,300.00
Less: Operating costs
Office Supplies Expense	1,700.00
Other Administrative Expenses	72,000.00
Salaries	327,300.00
Depreciation—Office Equipment	3,400.00
Advertising Expenses	53,800.00
Total Operating costs		458,200.00
Net Income		478,100.00
Balance Sheet (Partial)
Current Assets	Amount $	Amount $
Cash		259,300.00
Accounts Receivable		277,700.00
Inventories
Finished goods	68,900.00
Work in process	41,800.00
Raw materials	53,100.00	163,800.00
Prepaid Expenses		41,300.00
Total Current Assets		742,100.00